Ocean Lane Inc. had the following balances in their equity accounts at December 31 2020. There were 50,000 preferred shares with an ending balance of $200,000. The preferred shares had a dividend preference of $200 I share. There were 150.000 common shares issued with an ending balance of $300,000. The amount in Retained Earnings was $150,000. The company was authorized to issue unlimited preferred and common shares The following equity transactions occurred during 2021. July 2 Exchanged 90,000 common shares for land with a fair market value of $225,000 July 31 The corporation issued 1,000 preferred shares at $5 per share. Sept.15 The board of directors declared a cash dividend payable to shareholders of record on September 25 of $120,000 payable on September 30 Sept.30 The cash dividend declared on September 15 was paid Oct 5 The board of directors declared a 10% common share dividend distributable on October 31 to the October 20 shareholders of record. The shares were selling at $4 per share Oct 31 The share dividend declared on October 5 was distributed Nov. 2 The board of directors declared a 2 for 1 share split to common shareholders of record on November 15 to be distributed on November 30 Dec 31 The Income Summary account had a $357,000 credit balance. Close the income Summary Account and the Dividend accounts (if applicable) REQUIRED: 1. Prepare joumal entries for the year 2021. Omit explanations but show calculations (16 marks) 2. Prepare a statement of changes in Equity for the year ended December 31, 2021 (7 marks) 3 Prepare the equity section of the balance sheet for the year end December 31, 2021. (7 marks)